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We consume, on average across the nation, about $12,000 of medical goods & services for every man, woman & child in America.
Insurance to cover that $12,000 per person average must be priced at $12,000 (to purchase the underlying medical goods and services) plus more for administration.
So that family of 4 would see a price-per-person of at least $48,000.
***
Single payer, Medicare for All, and other such schemes do not, by themselves, reduce the cumulative total of health care goods & services consumed by the USA, which averages to about $12,000 per person.
A typical Medicare patient might do $12K. But the HC risks/premiums of a typical family of 4 is nowhere near 4X of that Medicare patient.
"The Bottom Line
Comparing income taxes in the United States and Canada requires an analysis of the benefits received for those taxes and any other out-of-pocket costs outside of taxes. Along with many other factors, each taxpayer's individual situation can help determine whether they would be financially better off in one country or the other."
Please consider when speaking of how taxes are so much higher that while VAT adds to the tax load in Canada; it might be fair to say it doesn't equate to $15K a year; certainly not to the now common over $25K for anything Americans can purchase that does away with co-pays, deductibles and DENIALS.
"The Bottom Line
Comparing income taxes in the United States and Canada requires an analysis of the benefits received for those taxes and any other out-of-pocket costs outside of taxes. Along with many other factors, each taxpayer's individual situation can help determine whether they would be financially better off in one country or the other."
Please consider when speaking of how taxes are so much higher that while VAT adds to the tax load in Canada; it might be fair to say it doesn't equate to $15K a year; certainly not to the now common over $25K for anything Americans can purchase that does away with co-pays, deductibles and DENIALS.
Understood. How can we compare or figure out what healthcare for all will really cost us then ? I think every US tax payer needs to get a formula that we can plug in our current salary and see how much it will supposedly save us.
Okay, some of the cost might be due to import costs.
A 2020 Yamaha Sidewinder MSRP in Ontario is $20,299. The same sled in MI is $17,599.
The difference is Ontario pays a 13% HST vs MI 6%
So $2638 vs $1055 if the sleds were the same price.
For fun I compared the prices in Canadian dollars, it's 23,423.92 CAD in the US and $20,299.00 in Canada.
You gave the link for a British Columbia dealer, who is selling it for $20,299 and then gave the tax rate for Ontario. In BC it would slightly less 12 percent, in Alberta it would be 5 percent. Taxes vary across the country just like in the US.
However this has NOTHING to do with healthcare, except that those taxes here in BC pay for in part, our healthcare and many other perks, that aren't included in your taxes.
For fun I compared the prices in Canadian dollars, it's 23,423.92 CAD in the US and $20,299.00 in Canada.
You gave the link for a British Columbia dealer, who is selling it for $20,299 and then gave the tax rate for Ontario. In BC it would slightly less 12 percent, in Alberta it would be 5 percent. Taxes vary across the country just like in the US.
However this has NOTHING to do with healthcare, except that those taxes here in BC pay for in part, our healthcare and many other perks, that aren't included in your taxes.
First, healthcare costs are higher in the US because private insurance usually has 30-40% administrative costs factored into the price vs. ~5% for Medicare. So when health insurance companies whine about "razor thin profit margins" its after they've already paid out hundreds of millions in executive salaries and bonuses.
Second thanks to W. Bush Medicare cant even negotiate with Pharma, or medical devices companies on price. That leaves private insurance to do this but insurance companies dont have nearly as much power to contain costs as the government does. The result is drug costs are astronomically higher. For example, rabies shots that cost $1200 in England may cost 10-40k in the US and thousands out of pocket even with insurance.
Finally, hospital groups love insurance because it allows them to make it near impossible to get fair pricing on anything. Costs for medical procedures are laughably higher here than other countries because there is minimal oversight and insurance companies are poor at containing costs. In many states they even send extra out of network bills for in network hospitals.
Having a public option or Medicare if done properly will allow it to negotiate costs with all the main players and vastly reduce costs. There's a reason per capita healthcare spending is so high here.
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